Silver has seen an 8% drop in value over the past four weeks, partly due to concerns about China's economic slowdown. As the world's largest solar panel producer with significant solar capacity, China's slowdown could impact silver's demand for renewable energy. Technical analysis suggests silver is at a crossroads, finding support around $23.08. A potential rebound might face resistance levels, while breaking this support could lead to further declines towards $22.56 and $22.35. To turn bullish, silver needs to surpass the 200-day SMA at $23.20 and the 5-day EMA at $23.45. China's economic issues and silver's role in renewable energy contribute to the uncertainty.
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Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.